Remarks at the Signing Ceremony for the Internal Revenue Code Amendments Bill

The President. I am delighted to have you here for this signing of H.R. 1869. It repeals a requirement for a very extensive regulation-an unnecessary one, I think, on people who use business vehicles for private purposes also. And I am glad to have you here, and it is just a part of what I hope will be a larger tax reform later, so we can all be together for another signing. But more about that next week.

Q. We are looking forward to it, Mr. President.

Q. I hope the rest of the tax reform is as easy as this one was. I somehow doubt it.

The President. You and me both.

[At this point, the President signed the bill.]

This will gladden the hearts of many Americans, and I know that you had there the public support in this.

Q. Thank you. We appreciate you doing this, sir.

The President. It is the least that I can do.

Q. We are glad that you did that for the American working man and woman. That is what that is all about.

Q. Particularly in my district. Thank you, Mr. President.

Q. It is great for the people.

The President. And, as I say, I think we can remove a few more regulations.

Q. Mr. President, how would you like to give one of those pens to Jim Abdnor. It was his bill on the Senate side there.

Senator Abdnor. Thank you, Mr. President.

The President. All right.

Q. Can another one of those pens be given away or one has to go to the Archives? [Laughter]

Q. You mean the one in Nebraska?

Q. Thank you, Mr. President. It shows common sense and logic prevail.

The President. God bless you all.

Q. Thank you.

Q. The first stage in tax reform—that is what I told Mr. Baker when he testified.

Q. That was the up-end.

Q. That was the downturn. [Laughter]

Q. I wish all our battles on deregulation were this easy.

The President. Yes, I do, too. I think we have got a lot more to go.

Reporter. Mr. President, did you know this was in the bill last year? Didn't you know this provision was in the bill last year? Why did you sign it last year with this onerous provision in it?

The President. Because I didn't have lineitem veto.

Q. Mr. President, do you think the House version of the budget is really going to hurt national security?

The President. I think I am going to wait and express my opinion when it gets to Congress.

Q. You are concerned about it?

The President. Yes, I am concerned.

Q. Thank you very much, Mr. President.